This is the time to analyze where you sit for the 2023 business year and evaluate finances ahead of tax season. Farm Business Management Instructor Ron Dvergsten says buying equipment can be a good strategy if you can save a significant amount on income taxes and can use it, but buying assets just to avoid income tax can be risky. “Currently, we are looking at interest rates probably in that 8.5 to 10-plus percent,” said Dvergsten. “That is a major change compared to what we’ve gotten accustomed to.” Cow-calf producers may want to consider working with their auction markets to defer payments for cattle sold this fall in the same way some farmers work with elevators when selling grain.
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